The energy sector is starting higher, supported by strength in the underlying commodities. Meanwhile, the major market futures are lower as the year-end rally takes a breather.
WTI and Brent crude oil futures are higher in early trading, on pace for their third-straight session of gains as the focus shifts back to supply woes amid ongoing tensions in the Red Sea and the Middle East. Earlier today, Greece advised commercial ships sailing the Red Sea and the Gulf of Aden to avoid Yemeni waters. Greek ship owners control approximately 20% of the world’s commercial vessels in carrying capacity. Investors will also look to the EIA data later today after last night’s API report showed a surprise build of 939K barrels last week. Analysts are expecting the government data to show a 2.2mm barrel draw.
Natural gas futures are higher, tracking gains in the crude complex but gains are capped ahead of the EIA weekly storage report.
CNX Resources kicks off collaboration with Pa. government
As part of a groundbreaking partnership with Pennsylvania Gov. Josh Shapiro's administration, natural...
As part of a groundbreaking partnership with Pennsylvania Gov. Josh Shapiro's administration, natural gas driller CNX Resources has begun publicly disclosing real-time air quality data from two well sites in Washington and Greene counties, along with details about the chemicals and additives used in drilling operations at those sites. CNX plans to expand the monitoring program statewide.
As a result of ongoing Houthi rebel attacks in the Red Sea, ships are opting to travel all the way around the southern cape of Africa rather than risk using the Suez Canal. According to Ryan Petersen, the CEO of logistics company Flexport, almost 25% of all containers shipped worldwide were being affected by the situation in the Red Sea as of Tuesday afternoon. The Houthi militants, who are based in Yemen and are backed by Iran, have vowed to continue targeting commercial ships as revenge for Israel’s military campaign in Gaza.
Historybook: Louisiana Purchase finalized (1803); Sacagawea dies (1812); "It’s a Wonderful Life" released (1946); Astronomer Carl Sagan dies (1996); Space Force becomes sixth US armed forces branch (2019).
Donald Trump was barred from appearing on the 2024 presidential ballot in Colorado after the state’s Supreme Court said he violated the 14th Amendment by inciting the Jan. 6, 2021, riot at the Capitol. The Trump campaign said they will ask the US Supreme Court to reverse the state’s decision.
Israeli President Isaac Herzog said the country is ready for another pause in fighting to recover hostages held by Hamas and get more humanitarian aid to Gaza.
New investigations are detailing concerns with the Israel Defense Forces’ AI-based targeting technology, which is capable of rapidly generating potential airstrike targets.
Iceland warned that pollution could reach the capital city of Reykjavik by this morning after a volcano erupted in the southwest part of the country.
Homebuilding surged in November as mortgage rates came down, according to the Census Bureau.
Liberty Energy Joins US Wildcatters in Australian Shale
Pressure-pumper Liberty Energy Inc. has followed rig operator Helmerich & Payne (H&P)...
Pressure-pumper Liberty Energy Inc. has followed rig operator Helmerich & Payne (H&P) in U.S. wildcatters Bryan Sheffield and Dick Stoneburner’s development of Australian shale.
Liberty invested US$10 million in Australia-brd Tamboran Resources and plans to send a frac fleet to the play in the Beetaloo Basinnext year in northern Australia south of Darwin, Tamboran reported.
Liberty’s entry rounds out the upstream portion of Tamboran’s plan to develop the basin’s Marcellus-like rock—the Mid-Velkerri B—providing frac services in well completion post-H&P drilling.
The frac fleet is expected to arrive in 2024. H&P sent a modern rig, a FlexRig 3, to the play earlier this year.
